I find the logic in some of the valuations I get to see in practice staggering. The value of an entity or business is what you can get out of it. You cannot take revenue of a business and leave the costs of generating the revenue in the business. You cannot take earnings out of…
DetailsRichard Gray Cottrell Auditing and Accounting Stalwart passes on. It is with deep sadness that I came to learn of the passing of Rick Cottrell on 5 November 2012. He was 76. My memories of Rick are many and varied. I first met him during my Coopers & Lybrand days and it was during his…
DetailsBusiness rationalisation, realignment, recovery, rescues… the intention is the same, but the degree of intensity and urgency may change. This article discusses the situation where a company has been given a lifeline of an approved Business Rescue Plan but has to balance the need for speed by having to engage in negotiation for reducing employment.…
DetailsFree cash flows are not colourless as they tend to be defined depending on the type of free cash flow valuation being performed. I once posed this question to students in an equity valuation lecture. The response to this question tentacle to a number of issues: 1. Is there a single valid starting point for…
DetailsGoverning IT through Strategic Alignment Many businesses find themselves stuck in the technology gap: what company boards expect from IT governance is often far removed from what IT departments comprehend as the business’s needs. Boards cannot rely on IT to understand their business needs and to bridge the technology gap, but must use business strategy…
DetailsInfiniti’s FX 3.0 S and Toyota’s 86 – How much beauty? How much beast? The latest brand to hit South African soil is Infiniti – Nissan’s premium brand, similar to Toyota’s Lexus. I tested Infiniti’s SUV model, which, in my opinion, is one of the sportiest looking SUV’s available in South Africa. Its swooping lines…
DetailsA personal touch EVERYTHING YOU NEED TO LIVE A STYLISH LIFE. For your next trip to Durban opt to stay at the St James on Venice Luxury Boutique Hotel. There is an old proverb that says ‘it is a sin against hospitality to open your doors and darken your countenance’. And nowhere is this taken…
DetailsEVERYTHING YOU NEED TO LIVE A STYLISH LIFE For your next trip to Durban opt to stay at the St James on Venice Luxury Boutique Hotel. There is an old proverb that says ‘it is a sin against hospitality to open your doors and darken your countenance’. And nowhere is this taken more to heart…
DetailsThe fascinating story of South Africa’s first deaf Chartered Accountant. She refused to let her deafness get in the way of her dreams, amitions and philosophies. The main tenet behind Yann Martel’s bestseller, Life of Pi, is that one needs adversity in order to enable one to survive. Readers were in awe of how the…
DetailsDo recent socio-political and economic developments in South Africa suggest that, even though we’ve made some progress since achieving democracy in 1994, we’re actually going backwards? This is the question asked by The Economist, in its ‘Over the rainbow’ article (20 October 2012 edition). “On 26 June 1955 around 3000 people gathered in a dusty…
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